Inaction is costly—and its long-term impact can significantly affect the bottom line. What about the impact on customers? Even for a company renowned for its customer experience, it doesn’t take much for customer loyalty to erode and result in churn.
Internal stakeholders at companies are often the last to know of a crisis. They read the latest headlines to learn about what’s happening at their place of work. This can damage trust and cause a downturn in engagement. When employees are worried about what’s happening behind the scenes, productivity can be negatively impacted.
"If you’re relying on antiquated technology because it’s 'good enough,' you’re putting yourself at tremendous risk," says David Howland, Earnix CMO.
In his latest Fast Company contributed article, Howland discusses the price of inaction and outlines questions businesses should ask to evaluate their risk and determine next steps.